Owning a timeshare might have once been a good idea, but over time it can become a financial burden if you aren’t using it. Getting rid of a timeshare without ruining your credit is a concern for many owners who have tried selling their timeshare unsuccessfully. Many owners attempt to sell their timeshare for as little as $1, and still can’t find any buyers. The resale market for timeshares is mostly non-existent unless you have a Disney Vacation Club or a high-end resort such as a Marriott or a Westin in Hawaii or Aruba.
So, if you’re unable to sell or give away your timeshare, what options do you have left?
Some owners believe they can donate their timeshare to charity, but this is almost always not possible or a scam. Think about it, if you don’t want the timeshare, and no one will take it off your hands for $1, why would a charity want it?
Some firms such as Donate For A Cause previously told owners they could donate their timeshare to them and write the donation off on their taxes, but Donate For A Cause was forced to stop this activity because the IRS values timeshares at $0. Donate For A Cause wasn’t taking the timeshares for free either. Owners were asked to pay Donate For A Cause an up-front fee for the privilege of donating the timeshare to them.
So, if selling is out and donation is not possible, what’s left?
You can try and talk to your resort and beg them to take the timeshare back, but not all resorts will work with you. If you have a mortgage left on the timeshare, the chances of the resort taking your unit back are slim to none.
If you can’t sell, can’t donate and can’t give the timeshare back, what are you supposed to do?
Consulting with a timeshare exit company is a logical next step in this situation. These companies work with lawyers that specialize in cancelling timeshares. This is not a cheap service, but you’ll be out of your timeshare and your maintenance fees will stop. Most of these companies have processes in place to protect your credit throughout the cancellation. Sometimes your credit will be affected depending on your situation, but the timeshare exit companies will usually have a process to repair your credit if that were to happen.
When choosing a timeshare exit company to cancel your timeshare, we only recommend working with those that offer a no up-front fee escrow payment option, so the timeshare exit company is only paid after your timeshare is cancelled. This is how you stay protected from scams. Many timeshare exit companies have a “100% money-back guarantee,” but this means nothing at all because the company could take your money up front and later not honor its money-back guarantee if it goes out of business. Learn more about escrow and why it’s important here.
Still wondering how to get rid of a timeshare without ruining credit? Initiate live chat on the right side of the page or submit a contact form for your free consultation. You may also call us directly at 213-282-5595.